Japanese automaker Toyota Motor has announced that it has revised its full-year production forecast for the fiscal year 2021-22 ending March 31, 2022. For the full year, Toyota expects its production volume to be at nine million units due to the impact of production cuts, down from the 9.3 million units forecast. The company is also making further adjustments to its production operations for September and October. According to the company’s statement, although the outlook for November and beyond is unclear, current demand remains very strong.
The main reasons for the production adjustment and lower production forecast include a decline in operations at several local suppliers due to the spread of Covid-19 in Southeast Asia and the impact of tighter semiconductor supplies, as SteelOrbis understands. “Although our plants and suppliers are taking thorough quarantine and vaccination measures in response to the pandemic in Southeast Asia, the spread of Covid-19 infections remains unpredictable, making it difficult to maintain operations due to lockdowns at various locations, and we are working to transfer production to other regions,” Toyota said.
Toyota stated that the global production volume affected by these adjustments will be approximately 70,000 units (40,000 units overseas and 30,000 units in Japan) for September and 330,000 units (180,000 units overseas and 150,000 units in Japan) for October.
